Unusual 11 Mid-Day Movers 9/4: TONE, JAZZ, LTXC, ESL Higher; ARRY, BPI, ZQK, GIII Lower

September 4, 2009 11:40 AM EDT

TierOne Corporation (NASDAQ: TONE) 45.4% HIGHER; announced today that it will sell 32 branch offices to Great Western Bank. Under the terms of the Agreement, Great Western Bank will assume approximately $1.1 billion in deposits. The Bank will transfer or sell to Great Western Bank approximately $800.0 million in loans, $20.0 million in real estate and other assets and the balance in cash or securities less a $55.0 million deposit premium paid. Click here for the full report.

Array BioPharma Inc. (Nasdaq: ARRY) 24.3% LOWER; announced its preliminary analysis of results from a study examining ARRY-162, a small molecule MEK inhibitor, in a 12-week Phase 2 clinical trial with 201 patients. The patients had active rheumatoid arthritis that was not completely responsive to methotrexate. This study included a placebo group and three different dose groups of ARRY-162, all on a stable background of methotrexate. None of the treatment groups demonstrated a statistically significant ACR20 response rate compared to the placebo group at 12 weeks (p=0.459), therefore the study did not meet the primary endpoint. The stock was also downgraded at both Leerink Swann and Baird.

Jazz Pharma (Nasdaq: JAZZ) 23.1% HIGHER; after the close yesterday, a Director disclosed the purchase of 150,00 shares on 9/1-9/2.

Bridgepoint Education (NYSE: BPI) 22.5% LOWER; tumbling today following news late last night that on September 2, 2009, Ashford University received an update from the U.S. Department of Education's Office of Inspector General regarding the status of its ongoing compliance audit of Ashford University.

Quiksilver (NYSE: ZQK) 18.2% LOWER; reports Q3 EPS of $0.03, in-line analyst estimate of $0.03. Revenue for the quarter was $501.4 million, versus the consensus of $480.22 million. Sees Q4 sales down in mid-teen digits. Sese Q4 adj-loss per share in mid-sigle digits.

LTX-Credence (Nasdaq: LTXC) 17.4% HIGHER; Needham & Co. upgrades the stock from Hold to Strong Buy, setting a $3 price target.

Esterline Corporation (NYSE: ESL) 16.3% HIGHER; reports Q3 EPS of $1.09 vs. $0.90. Revenues were $361.5 million vs. $367.71 million consensus. Earnings include a tax benefit of approximately $.10 per share. Robert W. Cremin, Esterline CEO, said, "...Esterline posted a very solid quarter, keeping us on pace with our full-year guidance despite continued uncertainty in the commercial airline industry." Esterline's full-year earnings guidance now stands at $3.10 to $3.30 per share, reflecting the third quarter tax benefit. (Consensus is $3.13)

Ulta Salon, Cosmetics & Fragrance, Inc. (Nasdaq: ULTA) 13.2% HIGHER; reports Q2 EPS of $0.10, 5 cents better than the analyst estimate of $0.05. Revenue for the quarter was $273.5 million, versus the consensus of $270.96 million. Q2 comps fell 1.7%. Sees Q3 sales of $270-$278 million, versus the consensus of $273.75 million, with EPS of $0.08-$0.11, versus the Street estimate of $0.09.

Matrixx Initiatives Inc. (Nasdaq: MTXX) 12.1% HIGHER; yesterday rumors on Matrixx of a deal with the FDA on Zicam seems to have some legs. After rising 5% yesterday, shares are up another 13% this AM. Talk related to a new Zicam formulation. Certain Zicam products were pulled from the market in June due to loss of smell from users of the product.

G-III Apparel Group (Nasdaq: GIII) 9.4% LOWER; reports Q2 loss of $0.17, 9 cents better than the analyst estimate of ($0.26). Revenue for the quarter was $135.9 million, versus the consensus of $136.05 million. Sees FY10 EPS of $0.95-$1.05, versus the consensus of $1.02, on sales of $770 million, versus the Street estimate of $823.05 million.

The Cooper Companies, Inc. (NYSE: COO) 6.3% LOWER; reports Q3 EPS of $0.54, 8 cents worse than the analyst estimate of $0.62. Revenue for the quarter was $285.2 million, versus the consensus of $288.84 million. Cooper Companies sees Q4 EPS of $0.66-$0.68, versus the consensus of $0.60. Cooper Companies sees Q4 sales of $271-$285 million, versus the consensus of $280.3 milion.

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